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Legislature defeats another attack on public pensions

Today, the Senate State, Veterans, and Military Affairs Committee defeated SB 14-068, a bill that would have continued a national right-wing assault on public employees by limiting retirement benefits. SB-068 would have, in part, increased the allowable age for retirement with full benefits under the state’s Public Employees Retirement Association (PERA) system.

“This bill would hurt hard-working Coloradans rather than help them, and that’s why I voted against it. It’s absurd that people engaged in one of our most vital professions – teaching our children – could give 35 years of their lives and still not qualify for full retirement. Even a small change in benefits creates uncertainty for folks who deserve to have security when they retire,” said Sen. Jessie Ulibarri, D-Westminster.

While SB-068 was projected to reduce PERA payouts by 2046, the state has already taken other measures to ensure its long-term solvency. This included SB 10-001, a bill with bipartisan sponsorship designed to shore up the balance sheet through increased contributions and caps on benefit increases. The most recent PERA Comprehensive Annual Financial Report said investment returns from 2012 were 12.9%, and another document said PERA reduced its unfunded liabilities by $800 million in 2012. With PERA moving in the right direction, why do the wrong thing to our retirees with SB-068?

Notably, SB-068 has striking similarities to policies espoused by ultra-conservative organizations located outside of Colorado. In general, the organizations support strategies that can negatively impact long-time public employees and their families, such as increasing the age and years of service required to qualify for full retirement benefits

“Colorado’s hard-working state employees and seniors deserve better than this. Now is the time to increase economic security for retirees – not weaken it,” said Senate President Morgan Carroll, D-Aurora.